ounting
Accounting
RECEIVABLES
Accounting
RECEIVABLES
RECEIVABLES
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~
1) For the month of December, the records of Balin Corporation show the following information:
Cash received on accounts receivable .................. $ 70,000
Cash sales ............................................ 60,000
Accounts Receivable, December 1 ....................... 160,000
Accounts Receivable, December 31 ...................... 148,000
Accounts Receivable written off as uncollectible ...... 2,000
The corporation uses the direct write-off method in accounting for uncollectible accounts receivable.
What are the gross sales for the month of December?
a. $118,000
b. $120,000
c. $130,000
d. $144,000
2) An analysis and aging of accounts receivable of the Lucille Company at December 31, 2005, showed the
following:
Accounts Receivable .................................. $840,000
Allowance for Doubtful Accounts
(before adjustment) ................................ 36,000 (cr)
Accounts estimated to be uncollectible ............... 76,800
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2005.
a. $804,000
b. $799,200
c. $763,200
d. $727,200
3) An analysis and aging of the accounts receivable of Shriner Company at December 31 revealed the
following data:
Accounts Receivable .................................. $450,000
Allowance for Doubtful Accounts (before adjustment) .. 25,000 (cr)
Accounts estimated to be uncollectible ............... 32,000
The net realizable value of the accounts receivable at December 31 should be
a. $450,000.
b. $443,000.
c. $425,000.
d. $418,000.
4) Maple Company provides for doubtful accounts expense at the rate of 3 percent of credit sales. The
following data are available for last year:
Allowance for Doubtful Accounts, January 1 ........ $ 54,000 (cr)
Accounts written off as uncollectible during the
year ............................................ 60,000
Collection of accounts written off in prior years .
(customer credit was re-established) .............. 15,000
Credit sales, year-ended December 31 .............. 3,000,000
The allowance for doubtful accounts balance at December 31, after adjusting entries, should be
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:12:56 GMT -05:00
ounting
Accounting
RECEIVABLES
Accounting
RECEIVABLES
RECEIVABLES
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/4168247
Accounting
RECEIVABLES
Accounting
RECEIVABLES
RECEIVABLES
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~
1) For the month of December, the records of Balin Corporation show the following information:
Cash received on accounts receivable .................. $ 70,000
Cash sales ............................................ 60,000
Accounts Receivable, December 1 ....................... 160,000
Accounts Receivable, December 31 ...................... 148,000
Accounts Receivable written off as uncollectible ...... 2,000
The corporation uses the direct write-off method in accounting for uncollectible accounts receivable.
What are the gross sales for the month of December?
a. $118,000
b. $120,000
c. $130,000
d. $144,000
2) An analysis and aging of accounts receivable of the Lucille Company at December 31, 2005, showed the
following:
Accounts Receivable .................................. $840,000
Allowance for Doubtful Accounts
(before adjustment) ................................ 36,000 (cr)
Accounts estimated to be uncollectible ............... 76,800
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2005.
a. $804,000
b. $799,200
c. $763,200
d. $727,200
3) An analysis and aging of the accounts receivable of Shriner Company at December 31 revealed the
following data:
Accounts Receivable .................................. $450,000
Allowance for Doubtful Accounts (before adjustment) .. 25,000 (cr)
Accounts estimated to be uncollectible ............... 32,000
The net realizable value of the accounts receivable at December 31 should be
a. $450,000.
b. $443,000.
c. $425,000.
d. $418,000.
4) Maple Company provides for doubtful accounts expense at the rate of 3 percent of credit sales. The
following data are available for last year:
Allowance for Doubtful Accounts, January 1 ........ $ 54,000 (cr)
Accounts written off as uncollectible during the
year ............................................ 60,000
Collection of accounts written off in prior years .
(customer credit was re-established) .............. 15,000
Credit sales, year-ended December 31 .............. 3,000,000
The allowance for doubtful accounts balance at December 31, after adjusting entries, should be
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:12:56 GMT -05:00
ounting
Accounting
RECEIVABLES
Accounting
RECEIVABLES
RECEIVABLES
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quiz SOLUTIONS.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/4168247
